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Wildhorse Company uses a perpetual inventory system. The company began 2 0 2 4 with 1 , 3 0 0 lamps in inventory at a
Wildhorse Company uses a perpetual inventory system. The company began with lamps in inventory at a cost of $ per unit. During Wildhorse had the following purchases and sales of lamps:
Feb : Purchased units @ $ per unit
April : Sold units @ $ per unit
June : Purchased units @ $ per unit
Oct : Sold units @ $ per unit
Dec : Purchased units @ $ per unit
All purchases and sales are on account.
a Calculate the cost of goods sold and ending inventory using weighted average. Round the weighted average cost per unit to decimal places, eg and final answers to decimal places, eg
b Prepare journal entries to record the June purchase and the October sale.
c Calculate gross profit for the year.
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